TITLE

The Housing Rescue Law: Boon to Borrowers, But Bane to Taxpayers?

AUTHOR(S)
Brannum, Robert
PUB. DATE
October 2008
SOURCE
Banking New York;Fall2008, Issue 7, p8
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article examines the objectives and impact of the housing relief law. The objectives include helping an estimated 400,000 homeowners with lower-cost loans to avoid foreclosure, helping the mortgage market recover, and bailing out mortgage lending agencies Freddie Mac and Fannie Mae. The author lists four key initiatives of the law which will be funded by taxpayers, including $300 billion in loan guarantees by the Federal Housing Agency, $3.9 billion in state assistance for foreclosed properties and $100 billion to rescue Fannie Mae and Freddie Mac.
ACCESSION #
35067886

 

Related Articles

  • Foreclosure mitigation may be taking effect.  // North Western Financial Review;3/1/2009, Vol. 194 Issue 5, p30 

    The article reports that loan modifications increased by 50% in the first two months of the conservatorship of FannieMae and Freddie Mac according to the U.S. Federal Housing Finance Agency. It is stated that foreclosure starts as a percentage of loans 60 or more days delinquent decreased to...

  • GSEs Suspend Foreclosures During the Holidays. Collins, Brian // Mortgage Servicing News;Dec2008/Jan2009, Vol. 12 Issue 11, p16 

    The article reports that Fannie Mae and Freddie Mac have suspended all foreclosures and evictions of homeowners during the holiday season from November 26, 2008 to January 9, 2009 while their servicers get up to speed on a new streamlined loan modification program in the U.S. The temporary...

  • Federal Housing Enterprises: HUD's Implementation of Its Mission Oversight Needs to Be Strengthened: T-GGD-98-177. Kingsbury, Nancy // GAO Reports;7/30/1998, p1 

    This testimony summarizes a July 1998 report (GAO/GGD-98-173) which discusses the Department of Housing and Urban Development's (HUD) housing mission oversight of the two largest government-sponsored housing enterprises: the Federal National Mortgage Association and the Federal Home Loan...

  • Great Books Of Business Paying Off For the GSEs. Collins, Brian // National Mortgage News;5/13/2013, Vol. 37 Issue 19, p1 

    The article informs that the lower delinquencies, rising house prices and improvement in the mortgage market have benefited the government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac. It mentions that high level of refinancing has also improved the credit portfolio of...

  • Challenges for the GSEs Didn't End with Takeover. Sloan, Steven // National Mortgage News;11/10/2008, Vol. 33 Issue 8, p6 

    The article presents an insight about the plan of government sponsored enterprises (GSEs) to help resuscitate the U.S. mortgage markets. An analyst implies that two months after the government seized Fannie Mae and Freddie Mac, nothing has been changed. He asserts that the country's mortgage...

  • Stimulus Package Raises Loan Ceiling To Boost Home Finance. Shankar, P. // njbiz;2/18/2008, Vol. 21 Issue 8, p3 

    The article reports on the $168 billion economic stimulus package that was approved by U.S. President George W. Bush in early February 2008. The said stimulus package is expected to make buying, selling, and refinancing homes in the U.S. easier. The package also increases the ceiling on...

  • Shrinking Fannie, Freddie Will Leave Tech Vacuum. Ehring, Dain // American Banker;4/22/2005, Vol. 170 Issue 77, p10 

    Comments on the proposal to set limits on Fannie Mae and Freddie Mac mortgage portfolios. Discussion of Fannie and Freddie's role in keeping the affordable housing market stable; View that the mortgage industry would have to be taken over by technology if the two companies' lending process is...

  • Fannie, Freddie Vow $440B Boost In Minority Loans. Garver, Rob; Bergquist, Erick // American Banker;6/18/2002, Vol. 167 Issue 116, p5 

    Presents the announcement by Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. to increase commitment to purchase mortgages made to minority borrowers by 2009 in the U.S. Reference to the speech of the U.S. President at Atlanta church; Efforts of Fannie Mae to help...

  • GSEs WANT FURTHER RBC REVIEW.  // National Mortgage News;7/16/2001, Vol. 25 Issue 41 

    Reports on the concerns of the Federal Home Loan Mortgage Corp. and Federal National Mortgage Association over risk-based capital rule developed by their regulator in the United States. Risk-based capital rule of the Office of Federal Housing Enterprise Oversight.

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics